Corporate Governance Ratings

August, 2017

Corporate governance has been given increasing attention in Pakistan also, with both the SECP and the SBP showing keen interest in improving the quality of corporate governance...

Lodging Industry

July, 2017

The two major factors affecting the lodging industry are leisure and business travel. The former is dependent on the country’s tourism industry and its dynamics, whereas the latter has obvious correlation...


SME Rating Methodology

June, 2017


JCR-VIS has developed the methodology for SMEs keeping in view the market demand for reliable independent credit opinions in the SME sector also...


JCR-VIS Portfolio Return Assessment Factor

March, 2017

JCR-VIS Portfolio Return Assessment Factor (PRAF) is one of the components of our Asset Managers Management Quality Ratings (MQR). This paper provides details of the concept...


Broker Management Ratings

January, 2017

Stock Broker Firms play a critical intermediary role in the capital markets for individuals as well as institutional investors for facilitating the trading of listed securities...

Toll Roads

December, 2016

The ‘Toll Roads Rating’ methodology encompasses the financial strength and debt servicing ability of a company / Special Purpose Vehicle (SPV) that generates revenue through toll road operations...


Government Supported Entities

June, 2016

This methodology attempts to distil some of the key features common to most Government Supported Entities (GSEs) and addresses their impact on ratings assigned by JCR-VIS. GSEs are a universal...


Micro-Finance Banks

May, 2016

Micro-financing has been identified as a powerful means to poverty alleviation as it taims at empowering individuals through the generation of sustainable livelihoods. It caters to micro-entrepreneurs...


Non-Profit Organizations

May, 2016

Non-profit organizations have created a strong presence for themselves on the global level, with names such as Greenpeace and Amnesty International enjoying the same recognition...


Commercial Banks

November, 2015

JCR-VIS’s rating methodology for commercial banks is composed of three broad analytical frameworks. The assessment begins with system-wide external factors that may impact risk profile...


REIT Management Company

July, 2015

Credit Rating Company Limited’s definition of Management Quality Ratings consistently applies across the various types of investment managers, including the recently introduced category...


Management Quality Ratings - Investment Advisors

February, 2015

Management Quality (MQ) Ratings by JCR-VIS Credit Rating Company Limited (JCR-VIS) provide an opinion on a company’s operational and investment platform. Ability to manage assets is assessed with...


Principal Protection Score

January, 2014

The Principal Protection Score assigned to CPPI based funds is a measure of the fund’s exposure to downside risk, with P1 depicting lowest exposure to downside risk on a scale of P1 to P10...


Global Project Finance Rating

November, 2013

Introduction Project finance is long term financing of economically standalone infrastructural & industrial projects. In recent years, project financing has become a popular mode of funding...


Fund Stability Ratings

February, 2012

JCR-VIS has revised its Fund Stability Ratings criteria. The key change in the methodology pertains to interest rate sensitivity of a fund at different rating grades. In view of this change...


Fiduciary Ratings

April, 2011

Under a technical collaboration agreement with Islamic Internal Rating Agency (IIRA), JCR-VIS, together with Malaysian Rating Corporation has developed and launched the ‘Fiduciary Ratings’...


Life Insurance & Family Takaful Rating

January, 2009

JCR-VIS has been assigning Insurer Financial Strength Ratings to insurance companies since 1999 and rated its first life insurance company in 2006. The objective of ratings in the life insurance...


Telecommunication Industry

March, 2005

Modern telecommunication systems are rapidly becoming one of the basic needs of economic development. Once seen as a luxury, telecommunication is an integral part of...


Securitization

November, 2003

Securitization is a type of structured finance transaction through which a corporation in need of funds transfers its specific asset or pool of assets, usually difficult to be liquidated...


Educational Institutions

June, 2002

Rating Methodology: Educational institutions fall into the service sector, and thus their rating is based upon their own peculiar parameters.along with the quantitative factors,qualitative factors...


Real Estate Developers

August, 2017

The construction industry plays a very important role in the economic development of any country. In fact, the performance of this industry is one of the key indicators used in many developed countries to monitor...

Securities Firms

June, 2017


JCR-VIS rating objective for a securities firm is to assess likelihood of the company being able to make timely payment against its obligations...


Linkage between Parent & Subsidiary Companies

June, 2017

JCR-VIS Credit Rating Company Limited (JCR-VIS)'s approach to rating subsidiaries is a bottom up approach. This starts with assigning a stand-alone rating to the parent and subsidiary...


General Insurance

March, 2017

An Insurer Financial Strength (IFS) rating is an assessment of an insurance company's capacity to meet its contractual obligations that mainly constitute claims on insurance policies timeliness of these...


Takaful Companies

December, 2016

Akin to conventional insurance, an Insurer Financial Strength (IFS) rating is an assessment of a company’s capacity to meet its contractual obligations that mainly constitute claims on insurance policies...

Oil & Gas Industry

November, 2016

He rating methodology for the oil and gas sector is similar in approach followed for rating industrial concerns outlined in our publication ‘Industrial Corporates ’ in May 2016...


Notching The Issues

June, 2016

The issue specific rating takes into account the relative priority of claim of a particular class of debt vis-à-vis the other outstanding obligations of that particular entity. This means that issue specific rating takes...


Industrial Corporates

May, 2016

In order to serve the varying needs of the industrial sector, JCR-VIS issues both entity and debt instrument ratings. Entity ratings reflect the capacity of the company to re-pay its senior unsecured...


Asset Management Companies

March, 2016

MQ Rating by JCR-VIS provides an opinion on the overall quality of the management company as a fund manager. The qualification of a management company is assessed with a view to gauge...


Capital Protected Funds

August, 2015

Capital protected investment strategies guarantee the protection of invested capital at the end of a pre-specified time period, by way of the structure of the fund; the guarantee does not apply...


Real Estate Investment Trusts (REITs)

May, 2015

JCR-VIS Credit Rating Company Limited (JCR-VIS) has addressed the unique risk factors applicable to the evaluation of Rental REIT Schemes in this methodology paper...


Governing Linkages Between Parent And Subsidiary

January, 2015

JCR-VIS Credit Rating Company Limited (JCR-VIS)'s approach to rating subsidiaries is a bottom up approach. This starts with assigning a stand-alone rating to the parent and subsidiary...


Explaining The Stars

December, 2013

JCR-VIS’ introduction of “Star Rankings” in the Pakistan market in 2004 paved the way for meaningful analysis of performance of mutual funds. The Star Rankings are based on a pure...


Off-Shore Securitization

November, 2013

Securitization is a structured finance process whereby assets are transformed into securities – financial instruments that may be readily bought or sold. Securitization has evolved over the last ...


Bank Loan Ratings

December, 2011

Bank Loan Ratings (BLRs) are aimed at enhancing the liquidity and transparency of the bank loan market. BLRs incorporate the underlying credit risk of the borrower and the support provided...


Public Finance Rating

October, 2009

Public finance – the collection, allocation and expenditure of public resources – is one of the defining functions of a state. A distinguishing feature of the developed world has been the extensive...


Non-Bank Financial Companies

March, 2005

Over the last many years, the non-bank financial sector has carved out a place for itself in Pakistan's financial market, even though a large portion of financial assets continue to be managed...


Unsolicited Report

June, 2003

An unsolicited rating is assigned to entities, where the management has not requested a rating, however, agrees to provide informational support An un so lic ited rat ing is shown with a 'p'...


Modaraba Rating Scale

October, 2002

The modaraba sector is the largest sector in Pakistan's financial market in terms of number of entities, with 45 modarabas listed on the Karachi Stock Exchange as against 15 commercial banks...


Leasing Companies

April, 2002

In this publication, we intend to highlight the pillars that support our rating assessment of leasing companies. These companies rely on institutional borrowings, Certificates of Investment...